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Business insurance coverage can help protect your business in the short-term and long-term. So, what’s the best insurance for entrepreneurs? For many companies, certain small business insurance coverages, like general liability coverage, property insurance and workers’ compensation insurance, are essential. These policies help protect your operation, employees and customers.
Many companies also choose to bundle their liability and property insurance with a Business Owner’s Policy (BOP). This is not only more convenient, but it can help you save money. On top of this, BOPs are easily customizable and allow you to add additional coverages, like professional liability insurance or data breach coverage, to your policy.
Do Entrepreneurs Need Insurance?
If you’re asking yourself, “Do I need business insurance?” The answer is most likely. Entrepreneurs can benefit from having coverages like general liability insurance. For instance, if you’re meeting clients in your office, you’ll want a general liability insurance policy because it can help cover any customer injuries. If you have employees, you’ll also likely need workers’ compensation insurance to help workers recover from work-related injuries or illnesses.
What Insurances Do Entrepreneurs Need?
There are a variety of business insurance policies you can choose from. The most common ones that entrepreneurs benefit from are:
- General liability insurance to help cover claims of bodily injury or property damage. It can also help cover advertising injuries.
- Workers' compensation insurance, which helps provide benefits to employees that suffer from a work-related injury or illness.
- Business income insurance to help pay lost income if you’re unable to operate from covered property damage. This policy can help pay your rent, employees’ wages and even tax return payments.
- Commercial auto insurance for help covering costs of an auto accident if you or an employee is in a collision in a company-owned car. Additional coverage is available for vehicles with a lienholder.
- Commercial property insurance, which helps cover your building, equipment and inventory from covered losses like a fire.
- Data breach insurance to help your business respond to breaches if personally identifiable information gets lost or stolen. It can help pay to notify impacted customers, patients or employees.
- Professional liability insurance, which helps cover claims of errors or omissions in your products or services.
Still asking yourself “What insurance do I need for a small business?” You can learn more about the coverages you need and insurance premiums by getting a quote today. Our specialists will work with you and help you select coverages that fit your business best.
What Is the Best Insurance for Entrepreneurs?
What’s the best business insurance for entrepreneurs? In many cases, it’s a Business Owner's Policy (BOP). This policy combines business property and liability insurance into one convenient policy. It can help cover claims resulting from fire, theft and other covered disasters.
How Much Does Insurance for Entrepreneurs Cost?
The cost of business insurance depends on the kind of business you have. The higher risk your company is, the more you’ll pay for insurance coverage. Generally, small business insurance costs anywhere from a few hundred to a couple thousand dollars a year.
Insurance companies look at certain factors when determining cost, which can influence how much you’ll pay for coverage. This includes your:
- Company size
- Number of employees
- Coverage needs
- Property owned
- Type of assets
Get a Quote for Entrepreneur Insurance
Need an insurance plan that covers your entire business operation? We can help. We’re an insurance company you can count on to find the right coverages at affordable prices. In fact, we’ve helped small businesses and entrepreneurs get the coverage they need for over 200 years. We have information on small business grants as well as a startup checklist. To learn more about coverages and monthly premiums, get a quote today.